Reply
 
Thread Tools Display Modes
  #1  
Old 10-31-2005, 10:34 AM
Ruken is offline
Charter Member
 
Join Date: May 2003
Location: DC
Posts: 7,283

What do politicians do with their investments to prevent conflict of interest?


This includes various other government employees as well.

Say my buddy Joe runs for president of the US on the Cynics Party ticket in 2008 and wins the election. Because we're such good buddies, and I'd make an excellent crony, Joe appoints me as the head of some executive branch department. Are there laws saying what he and I have to do with our various investments? Rules? Customs? I remember hearing of some issues w/Cheny's investments with his former company, but I'd also heard he had to sell all his stock with them. What do government employees do to convince the public that their own money-making is not coloring their job performance?

Please remember this is GC.
  #2  
Old 10-31-2005, 01:30 PM
JerH is offline
Guest
 
Join Date: Feb 2003
Location: Northern Virginia
Posts: 933
I don't know that actual law, but I remember that David Packard wasn't allowed to profit from his holdings in HP when he served in the Nixon administration; while he still held the stock, any dividends/profits were put into his non-profit foundation.
  #3  
Old 10-31-2005, 01:34 PM
Doug Bowe is offline
Guest
 
Join Date: Mar 1999
Location: El Paso, TX, USA
Posts: 2,812
The money needs to be put in a blind trust. Pick a financial manager you trust to run it.
The reason it's called a blind trust is you don't (or, aren't supposed to) know exactly what's there. Your manager reports numbers.
  #4  
Old 10-31-2005, 02:03 PM
RealityChuck's Avatar
RealityChuck is online now
Charter Member
 
Join Date: Apr 1999
Location: Schenectady, NY, USA
Posts: 42,464
As an interesting sidelight, the New Yorker pointed out that, for some reason, politicians investment holdings always outperform any mutual fund, the market, or anything else.

Can you say "insider information."
__________________
"If a person saying he was something was all there was to it, this country'd be full of rich men and good-looking women. Too bad it isn't that easy.... In short, when someone else says you're a writer, that's when you're a writer... not before."
Purveyor of fine science fiction since 1982.
  #5  
Old 10-31-2005, 02:05 PM
Squink is offline
Guest
 
Join Date: Oct 2000
Location: Yes
Posts: 20,390
Quote:
Originally Posted by Doug Bowe
The money needs to be put in a blind trust.
That's not always necessary.

Sometimes Blind trusts aren't so blind as politicians make them out to be:
Letters Show Frist Notified Of Stocks in 'Blind' Trusts
Documents Contradict Comments on Holdings
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 08:30 AM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2019, vBulletin Solutions, Inc.

Send questions for Cecil Adams to: cecil@straightdope.com

Send comments about this website to: webmaster@straightdope.com

Terms of Use / Privacy Policy

Advertise on the Straight Dope!
(Your direct line to thousands of the smartest, hippest people on the planet, plus a few total dipsticks.)

Copyright 2018 STM Reader, LLC.

 
Copyright © 2017